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Recent announcements from Moscow of next years grain production targets indicate that the Soviets are estimating this years grain crop at 205 to 213 mln tonnes Agriculture Department analysts said. USDA is projecting the Soviet crop at 210 mln tonnes but some earlier estimates from Soviet officials were that the 1987 grain crop could match the 1978 record of 237 mln tonnes. Moscow outlined its economic targets for 1988 on Monday putting the grain harvest goal at 235 mln tonnes. An analyst of Soviet agriculture at USDA noted that a recent article in Izvestia said Soviet grain production in 1988 is planned to be 25 to 30 mln tonnes more than expected this year. This indicates that their own estimate is for a 205 to 213 mln tonne (grain) crop the analyst said. In calculating Moscows crop estimate USDA used the 235 mln tonne production goal as well as a 238 mln tonne figure published in a Soviet economic journal this month. USDAs production estimate of 210 mln tonnes reflects a range of 207 to 212 mln tonnes a USDA source said. Late season rains damaged Soviet crops slowed harvest progress and lowered Soviet production analysts said. While in the U.S. earlier this month Soviet agriculture official Viktor Nikonov predicted that the grain crop would be as good or better than last years 210 mln tonne harvest. A member of Nikonovs party commented that although 230 mln tonnes of grain were in the fields harvest problems would bring the final crop down to around 210 mln tonnes. Reuter | SOVIET 1988 GRAIN TARGET INDICATES 1987 OUTPUT |
CANADA 750 MLN DLR T-BILL ISSUE YIELD AVERAGE 8.60 PCT - OFFICIAL |
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BELLSOUTH CORP 3RD QTR SHR 87 CTS VS 84 CTS |
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Global Motors Inc said it has agreed to become become the exclusive North American importer of the Lincan Gama a four-wheel-drive sport vehicle manufactured by <P.T. Indauda> of Indonesia. In a letter of intent it signed with P.T. Indauda Global said it expects to begin marketing the first Lincan Gamas in mid-1989 with 20000 units projected to be marketed in the first year. Global is the parent company of Yugo America Inc importer of the Yugoslavian Yugo vehicle. Reuter | <GLOBAL MOTORS> TO MARKET INDONESIAN VEHICLES |
FIRST BOSTON INC 3RD QTR SHR 1.15 DLRS VS 76 CTS |
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Federal Reserve Board Vice Chairman Manuel Johnson said the Louvre Accord is still healthy but said the United States and West Germany must work out differences over their respective roles in fulfilling the accord. The Louvre Accord has worked very well in terms of stabilizing exchange rates he said in response to a question during an American Stock Exchange conference here. He said exchange rates have been stable so far in 1987 as a result of the accord. Reuter | FED'S JOHNSON SAYS LOUVRE ACCORD STILL VITAL |
M.A. Hanna Co said it has reached definitive agreement to purchase PMS Consolidated a privately owned manufacturer of colorants for the plastics industry. M.A. Hanna said the purchase which is subject to certain conditions is scheduled to close around the end of October. Hanna announced last August that it was in negotiaitons to purchase the company. Headquartered in Somerset N.J. PMS reported over 70 mln dlrs in revenues in its last fiscal year which ended May 1987. Reuter | M.A. HANNA CO <HNM> TO ACQURE <PMS CONSOLIDATED> |
Federal Reserve Board Vice-Chairman Manuel Johnson said the inflationary expectations in the financial markets have eased since the Feds last half-point increase in its discount rate to 6.0 pct. We have seen the kind of expectational forces develop I think that weve been satisfied with since our last discount rate move Johnson said. Fed Chairman Alan Greenspan has said the most recent discount rate increase on September 4 was largely aimed at quelling inflationary fears in financial markets which he said were largely unfounded. Reuter | FED'S JOHNSON SEES EASING OF INFLATIONARY FEARS |
Ample supplies of OPEC crude weighing on world markets helped limit and then reverse oil price gains that followed the U.S. Strike on an Iranian oil platform in the Gulf earlier on Monday analysts said. December loading rose to 19.65 dlrs up 45 cents before falling to around 19.05/15 later unchanged from last Friday. Fundamentals are awful said Philip Lambert analyst with stockbrokers Kleinwort Grieveson adding that total OPEC production in the first week of October could be above 18.5 mln bpd little changed from September levels. Peter Nicol analyst at Chase Manhattan Bank said OPEC production could be about 18.5-19.0 mln in October. Reuter and International Energy Agency (IEA) estimates put OPEC September production at 18.5 mln bpd. The U.S. Attack was in retaliation of last Fridays hit of a Kuwaiti oil products tanker flying the U.S. Flag the Sea Isle City. It was struck by a missile believed to be Iranian in Kuwaiti waters and was the first hit on a U.S. Flag commercial vessel in the seven year Iran/Iraq war. The U.S. Owned Liberian flag tanker Sungari was hit in the area on Thursday also believed struck by an Iranian missile. Refiners were not significant purchasers of physical oil on Monday as a result increased Gulf tension following the U.S. Attack analysts said. They said a closure of the Strait of Hormuz through which around eight mln bpd passes isnlikely because it is not in the interests of the U.S. Or Iran they said. Any threat to oil supplies would stem from an increase in the number of tanker attacks as part of a widening of Gulf hostilities analysts said. But they saw the U.S. Strike as a limited reply to Iranian missile attacks with some describing it as responsible. Geoffrey Pyne analyst at stockbrokers Phillips and Drew said he was impressed by the sensible U.S. Response. The U.S. Has thought carefully about what would correspond to Iranian agression. They have proved to the Iranians that any further action will be met with a like-for-like response. Todays action by the U.S. Was not escalatory Pyne said. Kleinwort Grievesons Lambert said the U.S. Strike was a responsible retaliation with the U.S. Apparently indicating to Iran that it could increase the severity of its attacksf Iran chose to raise the level of conflict. Chase Manhattans Nicol took a different view however. He said he was unable to see what the U.S. Had achieved as Arab states such as Kuwait and Saudi Arabia whose interests the U.S. Is supposedly defending will feel less secure as a result of the U.S. Attack and fear some sort of Iranian retaliation. The initial upward market move this morning reflected a strong speculative reaction to rumours of a U.S. Attack which was thought at one stage to have been against Iranian missile launchers on the Faw Peninsula close to Kuwait analysts said. The later downtrend followed confirmation of a U.S. Navy attack on an Iranian oil platform by the U.S. Defence Secretary Caspar Weinburger. Market operators were able to evaluate the situation in the Gulf on the basis of confirmed fact and finding it less serious than first thought took profits taking prices lower analysts and traders said. REUTER | AMPLE SUPPLIES LIMIT U.S. STRIKE'S OIL PRICE IMPACT |
June 30 end Shr 0.3 ct vs four cts Net 18463 vs 174486 Revs 5074686 vs 4181978 Avg shrs 5624041 vs 4860000 Reuter | <TOTAL RESEARCH CORP> FISCAL 1987 NET |
Communications and Cable Inc said it acquired about 21 pct of the outstanding shares of Imnet Corp a privately owned company that designs makes and services proprietary image storage and retrieval systems. Terms were not disclosed. Reuter | COMMUNICATIONS AND CABLE <CCAB.O> BUYS STAKE |
Baltek Corp said it has acquired a shrimp packing plant in Ecuador for undisclosed terms. The company said the acquisition will result in a tripling of its Ecuadorian shrimp sales to about three mln pounds annually by 1988. Reuter | BALTEK <BTEK.O> BUYS ECUADORIAN PLANT |
Shr nine cts vs six cts Net 242000 vs 135000 Sales 4003000 vs 2968000 Six Mths Shr 17 cts vs 14 cts Net 414000 vs 297000 Sales 754000 vs 5912000 Avg shrs 2.4 mln vs 2.1 mln NOTE: 1986 net includes tax credits equal to one cent in the quarter and two cts in the six months. Reuter | GENDEX CORP <XRAY.O> 2ND QTR SEPT 30 NET |
Shr 42 cts vs 32 cts Net 1076572 vs 826939 Sales 20.5 mln vs 12.5 mln NOTE: Company released results in connection with filing for Class A common stock offering. Reuter | BEN AND JERRY'S HOMEMADE INC <BJIC.O> EIGHT MTHS |
Enseco Inc said it has received 4600000 dlrs in contract from the U.S. Environmental Protection Agency to test samples in support of the Superfund program over a 30-month period and to perform special analytical services. Reuter | ENSECO <NCCO.O> GETS EPA CONTRACT |
French Finance Minister Edouard Balladur said the Group of Seven (G-7) industrial countries should respect pledges on monetary policy made in the February Louvre accord on currency stability. We have to strengthen the cooperation between the seven major industrial countries and remind ourselves of the pledges we made at the Louvre he told journalists. They were not simply pledges to maintain currency stability but also to conduct a certain type of economic and monetary policy he added. Balladurs comments came after U.S. Treasury Secretary James Baker said on Sunday that the U.S. Would have to re-examine the Louvre accords in the light of the rise in West German short-term interest rates. Balladur was one of the main architects of the Louvre accord and has invested considerable political capital in defending them. REUTER | BALLADUR URGES G-7 TO RESPECT LOUVRE ACCORD |
TRW INC 3RD QTR SHR 1.01 DLRS VS 66 CTS |
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BancTEXAS Group Inc said it has signed a definitive agreement to sell its BancTEXAS Sulphur Springs affiliate to a group of local investors led by Gene Watson for a cash amount equal to book value at the time of the sale subject to regulatory approvals. The unit had assets of 18.2 mln dlrs as of September 30. BancTEXAS said it plans to concentrate on its primary market the Dallas area. Reuter | BANCTEXAS <BTX> TO SELL AFFILIATE |
TRW Incs Federal Systems Group said it received 36.7 mln dlrs in U.S. Navy contracts to begin a system upgrade of its anti-submarine warfare operations center for the Space and Naval Warfare Systems command. The award is the start of a seven-year full-scale engineering development effort with a potential value of 90 mln dlrs the company said. In subsequent phases TRW said it will deliver install test and support the new system at five Navy sites. The anti-submarine warfare operations center interacts with multiple aircraft command centers and support systems. Reuter | TRW <TRW> UNIT GETS 36.7 MLN DLRS IN CONTRACTS |
Oper shr 17 cts vs not available Oper net 1619000 vs 6354000 Nine Mths Oper shr 80 cts vs not available Oper net 7675000 vs 22669000 Assets 6.06 billion vs 5.74 billion Loans 3.11 billion vs 3.33 billion Deposits 4.57 billion vs 4.83 billion NOTE: 1987 operating net excludes tax credits of 3.9 mln dlrs or 40 cts a share in the quarter and 8.1 mln dlrs or 85 cts in the nine months period. 1986 nine months operating net excludes prepayment penalties on early retirement of loans of 736000 dlrs. Talman Home Federal Savings and Loan Association Chicago is full name of company. Reuter | TALMAN HOME FEDERAL <TLMN.O> 3RD QTR OPER NET |
Allwaste Inc said it entered into an agreement in principle to buy Tank Cleaning Co a privately-held company that cleans tank trailers in exchange for about 1.3 mln shares or Allwaste common. Allwaste said that Tank Cleaning earned about one mln dlrs before taxes last year and had about 1.5 mln dlrs in pre-tax income for the nine months ended September 30. Reuter | ALLWASTE <ALWS.O> TO ACQUIRE FIRM |
Geac Computer Corp Ltd said the Supreme Court of Ontario has signed an order approving the companys proposal for repayment of its creditors and releasing the company from receivership. Reuter | GEAC COMPUTER <GAC.TO> LEAVES RECEIVERSHIP |
Caterpillar Inc said it expects 1987 full year sales and profits to be substantially better than 1986 results following improved third-quarter performance. Third-quarter earnings of the heavy machinery manufacturer increased to 146 mln dlrs or 1.47 dlrs a share from net loss of 26 mln dlrs or 26 cts in the 1986 quarter. Sales rose to 2.25 billion dlrs from 1.82 billion dlrs last year. A weaker U.S. dollar strengthened Caterpillars position against foreign manufacturers and permitted price increases and boosted sales while a cost-cutting program lowered costs significantly the company said of third-quarter results. Continuation of the cost-reduction program which is to pare costs by 15 to 20 pct from 1986 to 1990 and a further anticipated improvement in its price competitiveness are expected to contribute to higher full year 1987 profits Caterpillar said. In 1986 the company earned 76 mln dlrs or 77 cents a share. Reuter | CATERPILLAR <CAT> SEES HIGHER FISCAL 1987 NET |
Shr loss 1.39 dlrs vs profit 1.20 dlrs Net loss 5306000 vs profit 7246000 Six mths Shr loss 18 cts profit 2.23 dlrs Net profit 3259000 vs profit 14.2 mln Assets 6.79 billion vs 5.42 billion Deposits 3.99 billion vs 3.38 billion Loans 4.92 billion vs 4.53 billion NOTE: 1987 six mths per share includes preferred stock dividend payments. Reuter | NORTHEAST SAVINGS F.A. <NSB> 2ND QTR NET LOSS |
LSI Logic Corp said it has developed a semi-custom microchip that is twice as dense as the most complex chip now available. The new microchip LCA 100K Compacted Array Plus has 100000 usable gate arrays or the equivalent of 400000 transistors for designing custom chips the company said. Production of the new chip will begin in about 15 months said LSI Chairman Wilfred Corrigan. The microchip can be used in products including computers telecommunications and military equipment allowing them to operate faster with improved reliability the company said. This technology will pave the way for new uses in artificial intelligence speech recognition and speech synthesis as well as digital signal processing and image processing Corrigan said. He also predicted the microchip will add about five pct to the companys revenues next year. Analyst Millard Phelps of Hambrecht and Quist Inc said he expects LSI to finish its 1987 fiscal year with per share earnings of 24 cts on sales of 252 mln dlrs. He put 1988 earnings at 60 cts per share on 330 mln dlrs in sales. In the nine months ended Sept 27 LSI had earnings of 14 cts per share or 5560000 dlrs on 183.9 mln dlrs in sales. Reuter | LSI LOGIC <LLSI.O> DEVELOPS NEW COMPUTER CHIP |
Shr 30 cts vs 30 cts Net 1804000 vs 1800000 Nine mths Shr 89 cts vs 79 cts Net 5334000 vs 4496000 Reuter | MARINE CORP <MCOR.O> 3RD QTR NET |
Iran said several people were injured in Mondays U.S. Attack on an Iranian offshore oil site and vowed retaliation Tehran radio reported. It quoted President Ali Khamenei as saying We will definitely retaliate and will not leave this American move unanswered. A broadcast monitored in Nicosia said several civilian personnel on the Rashadat oil platforms in the Gulf east of Qatar were injured when U.S. Warships bombarded them this afternoon. It described damage as severe. Washington said four American frigates shelled and destroyed two Iranian platforms at the Rashadat (formerly Rostam) field at 1100 GMT on Monday in response to Fridays missile attack on a U.S.-flag ship in Kuwaiti waters. The U.S. Said Iranians used the platforms for military pruposes and had fired on an American helicopter from the rigs earlier this month. Khamenei denied that the platforms had military gear or personnel and said the U.S. Attack lacked miltary value. With this move Mr. Reagan has committed a big mistake and has definitely increased his problems... REUTER | IRAN VOWS REPRISAL FOR U.S. ATTACK ON OIL RIG |
Chesapeake and Potomac Telephone Co of Maryland a unit of Bell Atlantic Corp is raising 100 mln dlrs via an offering of notes due 1992 with a 10-1/4 pct coupon and par pricing said lead underwriter Morgan Stanley. That is 46 basis points more than the yield of comparable Treasury securities. Non-callable for life the issue is rated Aa-3 by Moodys Investors Service and AA-minus by Standard and Poors. Late last week Moodys and S and P downgraded the telephone companys debt ratings underwriters noted. Reuter | BELL ATLANTIC <BEL> UNIT SELLS FIVE-YEAR NOTES |
FED'S JOHNSON SAYS LOUVRE ACCORD ALIVE, BUT CITES U.S.-GERMAN DIFFERENCES |
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The Senate Agriculture committee voted to limit changes in county loan rate differentials starting with the 1988 crop as part of a budget deficit reduction package. The panel also approved measures that could trigger larger corn and wheat acreage reduction requirements increase farmer-held reserve storage payments reduce a potential milk support price cut and require advance deficiency payments for producers of major crops. A proposal to require imported tropical oils be labeled on U.S. food products failed by a 10-8 vote. Reuter | U.S SENATE PANEL VOTES TO LIMIT COUNTY LOAN DROP |
A spokesman for the National Association of Broadcast Employees and Technicians said it is studying its next moves in its strike against the National Broadcasting Co after 12 of its units voted to accept a contract proposal and two small units voted to reject. The spokesman said the union will make a further announcement later today after union leaders had a chance to confer. The only units voting to reject were a Chicago couriers group and a Los Angeles plant maintenance group. The spokesman said the two units represented 37 votes out of approximately 2800. NBC is a unit of General Electric Co <GE>. Reuter | NABET SAYS MOST UNITS ACCEPT NBC CONTRACT |
NEW YORK STOCK EXCHANGE TRADES MORE THAN 400 MLN SHARES FOR FIRST TIME IN A SINGLE SESSION |
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Analog Devices Inc said it may repurchase up to one mln of its 46 mln common shares outstanding on the open market over the next several months for use in its employee stock purchase and stock option plans. Reuter | ANALOG DEVICES <ADI> MAY REPURCHASE SHARES |
Taco Viva Inc said it named Donald Ryan as president and chief operating officer of the company. He assumes the presidents slot formerly held by J. Brion Foulke III who retains his positions as chairman and chief executive officer the company said. Ryan most recenty served as president of <Interim Restaurant Management Inc> a firm specializing in rejuvenating operations of ailing restaurant chains. Ryan will join Taco Viva in early November the company said. Reuter | TACO VIVA <TVIV.O> NAMES NEW PRESIDENT |
Federal Reserve Board Vice-Chairman Manuel Johnson cautioned against seeking quick-fix solutions to persistent U.S. trade and federal budget deficits. In particular he told an American Stock Exchange conference a decline in the dollar below current levels would exacerbate financial market conditions. Trying to artificially depress the dollar severely below current levels ... would exacerbate financial market conditions and lead to further potential for financial problems. Nowhere Johnson said are Fed officials hearing that U.S. businesses cannot compete at current exchange rates. He acknowledged the U.S. trade deficit was persisting despite a decline in the dollars value of 40 to 50 pct in the past two years. But the deficit is improving in volume terms and will soon begin showing improvement. The stage I think is being set for a healthy constructive expansion without inflationary instability he said. Reuter | FED'S JOHNSON WARNS AGAINST LOWER DOLLAR |
The Swiss Banking Commission hopes to introduce a major reform of the banking system in January which would revolutionise the workings of the countrys unusual liquidity requirements. Commission Director Kurt Hauri told Reuters the main consequence of the change would be an end to the sharp rise in interest rates which occurs at the end of every month. By effectively reducing liquidity requirements it would also help Swiss banks compete better against those in Britain West Germany and the United States he said. The commission wants to move to a system of average liquidity requirements where banks have to hold reserves equivalent to a certain proportion of their exposure calculated over the month as a whole. The current system described as a Swiss special case by Hauri forces banks to comply with requirements generally only at the end of each month. The result is a sharp upward trend in short dated money market rates overshadowed by the approach of the end-month called the ultimo with consequent high costs for the banks who are forced to borrow extra funds from the National Bank. This was particularly pronounced in June 1986 when overnight rates hit triple figures due to a combination of the half-year end and a rigid adherence by the National Bank to its money supply target. Although the rise shocked the bank into more flexibility the problem remained. The reform proposal which Hauri said had been planned for years was given to banks and other interested parties for comment on September 30. They have until the end of this month to suggest alterations. Subject to such changes and to the government go-ahead it will come into force on January 1 Hauri said. REUTER | SWISS PLAN CHANGE IN LIQUIDITY REQUIREMENT |
Republic National Bank of New York a unit of Republic New York Corp is offering 100 mln dlrs of notes due 1989 yielding 9.612 pct said sole manager Salomon Brothers Inc. The notes have a 9-1/2 pct coupon and were priced at 99.80 to yield 63 basis points more than the when-issued two-year Treasury notes. Non-callable for life the issue is rated Aa-1 by Moodys Investors Service Inc and AA by Standard and Poors Corp. Reuter | REPUBLIC <RNB> UNIT'S NOTES YIELD 9.612 PCT |
Infotron Systems Corp said James C. Castle has been named president and chief executive officer succeeding James C. Hann who becomes vice chairman and will focus on product technology issues. Castle had been president of TBG Information Systems Inc a subsidiary of Thyssen AG <THYH.G>. Reuter | INFOTRON <INFN.O> NAMES NEW CHIEF EXECUTIVE |
FED'S JOHNSON SAYS INFLATIONARY FEARS CALMER SINCE LAST DISCOUNT RATE RISE |
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AMR Corp said its Nashville Eagle Inc subsidiary will acquire nine 19-seat Metro III airplanes in separate agreements with Fairchild Industries Incs <FEN> Fairchild Aircraft Corp unit and <Midstate Airlines Inc>. Terms of the agreements were not disclosed. The company said the pre-owned airplanes will begin during the fourth quarter of this year. Nashville operates more than 100 commuter flights daily to 16 cities that connect to AMRs American Airlines daily flights at the Nashville terminal in Fort Worth Texas. Reuter | AMR <AMR> UNIT TO BUY NINE SMALL PLANES |
Balladur urges G-7 to respect pledges on monetary policy in Louvre accord |
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Periods ended September 30 Oper shr 24 cts vs six cts Oper net 1297881 vs 312295 Sales 60.5 mln vs 52.2 mln First half Oper shr 39 cts vs 13 cts Oper net 2099679 vs 711530 Sales 118.1 mln vs 103.7 mln NOTE: 1986 operating net excludes losses from discontinued operations of 154661 dlrs or three cts a share in quarter and 409476 dlrs or seven cts a share in half. Reuter | PIONEER-STANDARD ELECTRONICS INC <PIOS.O>2ND QTR |
Shr 43 cts vs 55 cts Net 6262000 vs 7948000 Nine mths Shr 1.30 dlrs vs 1.54 dlrs Net 18.8 mln vs 22.3 mln Assets 2.4 billion vs 2.1 billion NOTE: Prior year amounts restated to reflect 2-for-1 stock split effective May 15 1987. Reuter | CITIZENS FINANCIAL GROUP INC <CITN.O> 3RD QTR |
Period ended Sept 27 Shr nine cts vs 24 cts Net 474000 vs 880000 Sales 11.2 mln vs 11.8 mln Avg shrs 5369555 vs 3654986 Note: 1986 figures include tax credits of 113000 dlrs or three cts a share. Reuter | IRWIN MAGNETIC SYSTEMS INC <IRWN> 1ST QTR NET |
Federal securities regulators are not discussing a move to close U.S. securities markets a spokesperson for the Securities and Exchange Commission said. The SEC ...is not discussing closing the nations securities markets the SEC said today in a prepared statement. The Commission said it is is concerned about current market conditions is closely monitoring the situation and is in regular contact with the various markets and other regulatory bodies. An SEC spokesperson emphasized that the SEC has not been in contact with Reagan administration officials concerning todays market activity or any response to the volatile U.S. stock market. Reuter | CLOSING OF MARKETS NOT UNDER DISCUSSION, SEC SAYS |
U.S. SENATE PANEL VOTES TO LIMIT COUNTY LOAN RATE CHANGES STARTING WITH 1988 CROPS |
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The Supreme Court let stand a ruling that Northrop Corp <NOC> must pay 31 mln dlrs to a company controlled by Saudi businessman Adnan Khashoggi. The court denied a Northrop appeal challenging a U.S. arbitration tribunals ruling that it pay 31 mln dlrs in commissions and interest stemming from arms contracts it won from Saudi Arabia in the early 1970s. Northrop seeking to sell F-5 fighter aircraft and supporting services to Saudi Arabia hired Khashoggis firm in 1970 as its marketing representative. Northrop paid more than 17 mln dlrs in commissions to Khashoggis firm Triad International Marketing from 1971 to 1975. U.S. Defense Department records showed that Northrops sales to Saudi Arabia during this period totaled 4.2 billion dlrs. The legal battle dates back to 1979 when Khashoggi began arbitration proceedings seeking payment of more than 150 mln dlrs in commissions due under his agreement with Northrop. A federal judge in 1984 threw out the arbitration panels award of 31 mln dlrs to Khashoggis firm but a U.S. Court of Appeals reinstated it last March. Reuter | NORTHROP MUST PAY KHASHOGGI FIRM - U.S. COURT |
NABET SAYS IT STUDIES NEXT MOVE IN NBC STRIKE AFTER 12 UNITS ACCEPT CONTRACT, TWO REJECT |
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FED'S JOHNSON SAYS U.S. ECONOMY POISED FOR CONTINUED GROWTH, STABLE INFLATION |
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FED'S JOHNSON SAYS LOWER DOLLAR WOULD EXACERBATE MARKET CONDITIONS |
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Shr 23 cts vs 22 cts Net 1293000 vs 1256000 Sales 39.7 mln vs 31.6 mln Nine mths Shr 72 cts vs 61 cts Net 4099000 vs 3470000 Sales 115.9 mln vs 87.6 mln NOTE: Share adjusted for three-for-two stock split in February 1987. Reuter | BENCH CRAFT INC <SOFA.O> 3RD QTR NET |
Egypt has agreed to build two new roads in Uganda worth a total of 295 mln dlrs Egyptian commercial attache Muhammud el Tahan said. The two countries signed an agreement under which Egyptian companies will reconstruct the roads between Fort Portal and Bundibugyo near the Zaire border in western Uganda and between Kapchorwa and Swam near Mount Elgon in the east of the country he told reporters. Uganda would repay the loan from Egypt 70 pct in unspecified barter goods and 30 pct in hard currency. Egypt and Uganda are also discussing the possibility of Egyptian help for a project to grow wheat in Uganda he added. Reuter | EGYPT TO BUILD ROADS FOR UGANDA |
Shr primary loss eight cts vs profit 49 cts Shr fully diluted loss eight cts vs profit 45 cts Net profit 681000 vs profit 11.5 mln Nine mths Shr primary profit 33 cts vs profit 2.36 dlrs Shr fully diluted profit 33 cts vs profit 1.92 dlrs Net profit 12.7 mln vs profit 47.5 mln Assets 10.53 billion vs 10.75 billion Deposits 5.98 billion vs 5.89 billion Loans 8.44 billion vs 9.09 billion NOTE: 1987 nine mth figures include gain of 2470000 dlrs from cumulative effect of an accounting change. 1987 3rd qtr and nine mth figures also include gain of 12.1 mln dlrs from sale of real estate investment property. 1987 3rd qtr and nine mths earnings per share reflect payment of dividends on companys two series of preferred stock amounting to 2.2 mln dlrs. Reuter | CITYFED FINANCIAL CORP <CTYF.O> 3RD QTR LOSS |
Shr profit 1.47 dlrs vs loss 26 cts Net profit 146 mln vs loss 26 mln Revs 2.25 billion vs 1.82 billion Nine mths Shr profit 1.82 dlrs vs profit 2.27 dlrs Net profit 180 mln vs profit 224 mln Revs 5.94 billion vs 5.55 billion Reuter | CATERPILLAR INC <CAT> 3RD QTR NET |
Colombia has opened export registrations for November coffee shipments trade sources said. No further details were available. Reuter | COLOMBIA OPENS COFFEE REGISTRATIONS - LDN TRADE |
Period ended August 29. Shr profit one ct vs loss one ct Net profit 128112 vs loss 30170 Sales 1620707 vs 1325406 Avg shrs 9306031 vs 3499219 Six Mths Shr nil vs loss nine cts Net profit 25890 vs loss 322675 Sales 2915077 vs 1845003 Avg shrs 9283631 vs 3499219 Reuter | DENSE-PAC MICROSYSTEMS INC <DPAC.O> 2ND QTR |
Shr 1.13 dlrs vs 87 cts Net 5010000 vs 3868000 Nine mths Shr 4.91 dlrs vs 4.84 dlrs Net 21.8 mln vs 21.5 mln NOTE: Current quarter figures include gain of 4.7 mln dlrs on property sales vs gain of 2.9 mln in prior years quarter. Current nine month figures include gain of 20.5 mln dlrs on property sales vs gain of 19 mln dlrs. Reuter | NEWHALL INVESTMENT PROPERTIES <NIP> 3RD QTR |
Chrysler Corp said its import operations closed out its 1987 model year with record sales of Dodge Ram-50 models of 76913 trucks compared with the previous record 72629 trucks sold in 1986. The Ram-50 is imported for Dodge from Mitsubishi Motors Corp. Reuter | CHRYSLER <C>SETS RECORD 1987 IMPORT TRUCK SALES |
Sept 30 Shr seven cts vs five cts Net 234504 vs 157862 Revs 4096000 vs 3007383 Reuter | ASPEN RIBBONS INC <ARIB.O> 1ST QTR NET |
Qtr ends September 30 Shr 25 cts vs 13 cts Net 759000 vs 383000 Revs 9052000 vs 6829000 Reuter | LSI LIGHTING SYSTEMS INC <LYTS.O> 1ST QTR NET |
Guilford Mills Inc said its board has authorized the repurchase of up to one mln of its common shares from time to time in the open market. The company has about 10.5 mln shares outstanding. Reuter | GUILFORD MILLS <GFD> TO REPURCHASE SHARES |
The European Community (EC) will not issue a joint statement on the U.S. Attack on Iran for now diplomats said. They said the latest events in the Gulf were discussed only briefly by foreign ministers over lunch though member states had been informed by Washington that it was planning military action. They didnt have enough information to discuss it fully and they wouldnt have agreed anyway one diplomat said. Belgian Foreign Minister Leo Tindemans said Belgium had always opposed an extension of violence in the Gulf and deeply regretted that the situation had deteriorated. But British Foreign Secretary Sir Geoffrey Howe said the United States was fully entitled to take military action and Francisco Fernandez Ordonez of Spain said the U.S. Strike could be considered an af self-defence. REUTER | EC DOES NOT PLAN STATEMENT ON U.S. STRIKE ON IRAN |
National Distillers and Chemical Corp said it intends to repurchase up to 540000 of its 32.8 mln common shares outstanding. Reuter | NATIONAL DISTILLERS <DR> TO REPURCHASE SHARES |
Federal Deposit Insurance Corp chairman William Seidman said he is worried that consumer confidence will be undermined by panic selling of stocks. The principal worry is that the market will panic and destroy the really strong confidence that the consumer has in the economy Seidman told reporters during the American Bankers Association annual convention. But Seidman was relaxed about the implications for banks. I dont see any near-term effect on the banking system. We would have to worry if it throws the economy into a major recession. We dont expect that to happen. he said. First Chicago Corp chairman Barry Sullivan echoed Seidman saying that the slump in stocks could hasten a recession if it significantly impacts consumer confidence. But Sullivan told reporters that he thinks the U.S. economy remains sound. Sullivan said the slide in stocks was an extreme reaction to recent increases in interest rates. Asked whether First Chicago would follow Chemical Bank in raising its prime rate to 9-3/4 pct from 9-1/4 Sullivan said Were looking very carefully at the money markets. The FDICs Seidman asked whether the stock market rout was a reason to reconsider plans to give broader securities powers to commercial s said Under the plan we are suggesting that (securities) activities be done in subsidiaries so if ever things go badly for them it wont affect their capital. Reuter | SEIDMAN WORRIED ABOUT U.S. CONSUMER CONFIDENCE |
House Speaker Jim Wright dismissed charges that the trade bill before Congress contributed to the fall in stock prices on Wall Street. That is utterly ridiculous the Texas Democrat told reporters. Treasury Secretary James Baker and other administration officials over the weekend pointed to the pending legislation -- which they brand too protectionist -- as a key factor in the record-setting drop. Reuter | U.S. HOUSE SPEAKER DENIES TRADE BILL HURT STOCKS |
Allied-Signal Inc said profits in its aerospace division fell 46 pct in the third quarter due to lower margins and significantly higher development costs for several aircraft including the MD-80. After-tax income from its aerospace operations the largest of its divisions was 43 mln dlrs compared with 79 mln dlrs a year earlier which was restated to exclude sales and expenses from discontinued operations Allied-Signal said. Revenues in the aerospace division edged up to 1.144 billion dlrs from 1.099 billion dlrs a year earlier. After-tax income from its automotive division rose to 28 mln dlrs from 26 mln dlrs. In its engineered materials division after-tax income rose to 52 mln dlrs from 39 mln dlrs. Sales in its automotive unit rose to 882 mln dlrs from 662 mln dlrs. Sales in its engineered materials unit rose to 706 mln dlrs from 666 mln dlrs. During the third quarter the company authorized buyback of 25 mln common shares including stocks held in odd lots of less than 100 shares. As of Octotber 16 company said it had reduced the number of shares outstanding to 164.6 mln. Reuter | ALLIED-SIGNAL <ALD> AEROSPACE PROFITS DROP |
Shr 23 cts vs 20 cts Net 1115000 vs 971000 Revs 13.8 mln vs 11.9 mln Nine mths Shr 64 cts vs 52 cts Net 3134000 vs 2521000 Revs 40.1 mln vs 31.8 mln Reuter | ROTO-ROOTER INC <ROTO.O> 3RD QTR NET |
Shr 34 cts vs not given Net 510192 vs 328428 Nine mths Shr one dlr vs not given Net 1489831 vs 741136 NOTE: Company went public in September 1986. Reuter | CITY SAVINGS BANK OF MERIDEN <CSBM.O> 3RD QTR |
3rd qtr net Shr 22 cts vs 54 cts Net 366497 vs 877148 Nine mths Shr 70 cts vs 1.17 dlrs Net 1185352 vs 1924255 Reuter | HOME FEDERAL SAVINGS BANK OF GEORGIA <HFGA.O> |
Shr loss five cts vs loss eight cts Net loss 657000 vs loss 566535 Revs 9341755 vs 260468 Avg shrs 14323384 vs 7081688 Nine mths Shr loss 19 cts vs loss 39 cts Net loss 2449094 vs loss 1408789 Revs 15571230 vs 683684 Avg shrs 12655172 vs 3612300 Reuter | INTERNATIONAL TELECHARGE INC <ITIL.O> 3RD QTR |
Shr profit seven cts vs n/a Net profit 587000 vs profit 3231000 Sales 18.5 mln vs 18.7 mln Nine Mths Shr loss 39 ct s vs n/a Net loss 2368000 vs protit 7165000 Sales 55.4 mln vs 54.2 mln Note: Current nine month figures include extraordinary loss of 1.2 mln dlrs or 17 cts per share resulting from costs associated with restructuring. Prior quarter and nine month per share figures not applicable because company began operations in October 1986 with the acquisition of Gould Incs <GLD> medical products group. Reuter | SPECTRAMED INC <SPMD.O> 3RD QTR NET |
Shr 21 cts vs 11 cts Net 661000 vs 325000 Revs 13.6 mln vs 13.4 mln Avg shrs 3148000 vs 3011000 1st half Shr 42 cts vs 25 cts Newt 1310000 vs 752000 Revs 28.2 mln vs 25.6 mln Avg shrs 3136000 vs 3006000 Reuter | M/A/R/C INC <MARC.O> 2ND QTR SEPT 30 NET |
Shr 23 cts vs 15 cts Net 2641000 vs 1295000 Revs 15.6 mln vs 7925000 Avg shrs 11.6 mln vs 8900000 Nine mths Shr 65 cts vs 37 cts Net 6805000 vs 3308000 Revs 42.7 mln vs 20.6 mln Avg shrs 10.5 mln vs 8900000 Reuter | CHAMBERS DEVELOPMENT CO INC <CDV> 3RD QTR NET |
Shr loss 24 cts vs loss 13 cts Net loss 619956 vs loss 340735 Revs 17.2 mln vs 18.2 mln Nine mths Shr profit six cts vs loss 92 cts Net profit 172384 vs loss 2437333 Revs 57.7 mln vs 57.5 mln Reuter | VOPLEX CORP <VOT> 3RD QTR LOSS |
The U.N. Security Council was called to a private meeting on Monday for consultations following the United States attack on an Iranian oil platform. Meanwhile a U.N. spokesman said that as far as he knew a report to the council and Secretary General Javier Perez de Cuellar on the action had not been received from the Americans. In Washington President Reagan said the United Nations was being informed of the attack under the provision of the U.N. Charter regarding notification of actions taken under the right of self-defense. The U.N. spokesman Francois Giuliani said Perez de Cuellar had no comment on the attack taken in response to Iranian action against an American-owned tanker last week but was trying to find out what actually happened. Calls to Irans U.N. commission elicited no response. Reuter | SECURITY COUNCIL CALLS TALKS AFTER GULF ATTACK |
CATERPILLAR INC SEES HIGHER FISCAL 1987 EARNINGS |
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Sept 30 Shr 44 cts Net 905000 vs 631000 Six months Shr 88 cts Net 1793000 vs 1378000 Assets 221 mln vs 223.2 mln Deposits 186.4 mln vs 189.8 mln Loans 176.5 mln vs.7 mln Reuter | UNITED SAVINGS AND LOAN <UNSA.O> 2ND QTR NET |
Asea AB <ASEA.ST> said the group to be formed by its merger with Switzerlands BBC AG Brown Boveri und Cie <BBCZ.Z> would have four main business areas; power plants power transmission power distribution and industrial equipment. Asea Brown Boveri Ltds international markets would continue to be run by decentralised management and the three main home markets Switzerland West Germany and Sweden would continue to play an important role Asea said in a statement. It said research and development were crucial to the groups future and central reasearch resources and laboratories in the three home markets would be strengthened. Reuter | ASEA BROWN BOVERI SETS GROUP STRUCTURE |
Baring Capital Investors Ltd (BCI) a unit of the U.K. Merchant bank <Baring Brothers and Co Ltd> said it has raised 61 mln European Currency Units (ECUs) which will be invested in management buy-outs and development capital opportunities in the U.K. And continental Europe. The funds were raised through BCIs first such fund - the Baring Euaring European Capital Trust - from investors in nine European countries. It expects to raise another 40 mln ECUs soon through a French fund and a fund for U.S. Investors. BCI was set up last year by Baring Brothers to advise buy-out and development capital investors. BCI said the new fund is structured as a Guernsey-based unit trust which will be listed on the Luxembourg Stock Exchange. It will be advised by BCI and managed by a company owned jointly by Barings and the management of BCI. Individual investments are expected to range between one and 10 mln ECUs and are likely to be concentrated in the U.K. Germany and France. BCI said its aims are to invest in established companies principally family companies with succession-issues and corporate spin-offs. REUTER | BARING UNIT SETS UP FUND FOR MANAGEMENT BUY-OUTS |
International monetary officials will rush to paper over the deep cracks that have appeared in the Louvre accord on currency stability to prevent a dollar free-fall and to calm turmoil in world capital markets economists and currency traders said. I dont think the Louvre is dead because if it breaks up in an acrimonious way the potential outcome is a rout of the dollar higher interest rates and collapsing stock markets. Its in the Group of Sevens interest to calm things down said Douglas Madison corporate trader at BankAmerica Corp. In a weekend television interview U.S. Treasury secretary James Baker sharply criticised a recent rise in West German money market rates and said the eight month-old Louvre pact to foster exchange rate stability needs to be reviewed. His comments rocked the currency markets and helped send the already-fragile U.S. and overseas stock markets into a tailspin. The dollar lost more than two pfennigs in the U.S. to about 1.7740/50 marks and about one yen to 141.25/35 yen. The Dow Jones Industrial Average slumped more than 200 points at one stage and U.S. Treasury bonds dropped about 1-3/4 points. Reuter | G-7 SEEN FIGHTING TO KEEP CURRENCY PACT |
Shr loss five cts vs loss eight cts Net loss 118000 vs loss 87000 Sales 1765000 vs 1345000 Avg shrs 2370000 vs 1070000 Reuter | TONS OF TOYS INC <TONS.O> 1ST QTR AUG 31 LOSS |
NEW YORK STOCK EXCHANGE VOLUME JUMPS TO OVER 340 MLN SHARES, PASSING DAILY RECORD |
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Shr 28 cts vs 41 cts Net 205000 vs 229000 Nine mths Shr 86 cts vs 1.01 dlrs Net 622000 vs 566000 NOTE: Share reflects issuance of 166750 common shares in December 1986. Reuter | ANCHOR FINANCIAL CORP <AFCX.O> 3RD QTR NET |
Shr 38 cts vs 25 cts Net 708197 vs 404471 Sales 6592736 vs 6122133 Avg shrs 1886400 vs 1648477 Reuter | PHOTRONICS CORP <PHOT.O> 1ST HALF AUG 31 NET |
French industrial production fell 0.95 pct in July/August from June -- INSEE data |
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Shr profit five cts vs profit seven cts Net profit 59000 vs profit 39000 Nine mths Shr profit 12 cts vs loss four cts Net profit 92000 vs loss 20000 Avg shrs 775000 vs 548000 Reuter | HOMETOWN BANCORP INC <HTWN.O> 3RD QTR NET |
Shr 42 cts vs 59 cts Net 734659 vs 1033309 Nine mths Shr 92 cts vs 1.69 dlrs Net 1629719 vs 2971144 NOTE: 1987 nine mths net includes a loss of 290000 dlrs on sale of securities and nine-recurring charge of 32713 dlrs for write-off of FSLIC secondary reserve. Reuter | FIDELITY FEDERAL SAVINGS AND LOAN <FFED.O> 3RD |
Crazy Eddie Inc said its board will not oppose the slate of nominees proposed for election to the board by the committee led by Entertainment Marketing Inc <EM> and the <Oppenheimer-Palmieri Fund LP.> Crazy Eddie said its board is not endorsing but will simply refrain from opposing the EMI-Palmieri nominees. The board also said it will ask representatives of the Committee to Restore Shareholder value to begin acquainting themselves with the business and affairs of the company as promptly as possible. To that end the committees representatives will be invited in advance of the annual meeting to examine the companys financial records to monitor its operations and to join company officers in meetings with the companys suppliers bankers and key personnel Crazy Eddie said. The board said that to continue to oppose the EMI-Palmieri group would only increase the expenses of the company create further uncertainty among its suppliers customers and employees and result in deterioration of moral among company personnel. A further release from the company will follow it said. Reuter | CRAZY EDDIE <CRCY.O> WON'T OPPOSE SLATE |
Shr 1.33 dlrs vs 90 cts Net 12.0 mln vs 8180000 Nine mths Shr 3.63 dlrs vs 2.88 dlrs Net 32.9 mln vs 26.2 mln Reuter | HORIZON BANCORP <HZB> 3RD QTR NET |
 SOCIETY FOR SAVINGS BANCORP INC <SOCS.O> 3RD QTR HARTFORD Conn. Oct 19 Shr 75 cts vs 55 cts Net 8031000 vs 5819000 Nine mths Shr 2.16 dlrs vs 1.42 dlrs Net 23.2 mln vs 15.1 mln Reuter  | |
Standard Products Inc said shareholders at its annual meeting approved an increase in the companys authorized common to 25 mln shares from 15 mln shares. Standard also said shareholders approved an increase in the companys board to 12 members from 11. It said shareholders also voted to eliminate cumulative vovting in the electrion of directors and autahorized the company to enter into idemnification contracts from time to time with directors officers employees and agents of the company. Reuter | STANDARD PRODUCTS <SPD> INCREASES COMMON |
Shr profit three cts vs profit nine cts Net profit 102136 vs profit 307516 Revs 8459182 vs 8469476 Avg shrs 3448218 vs 3613672 Nine mths Shr loss 13 cts vs profit 28 cts Net loss 458823 vs profit 1014969 Revs 25.5 mln vs 24.6 mln Avg shrs 3467099 vs 3612626 Reuter | <ACC CORP> 3RD QTR NET |
3rd qtr Oper shr 27 cts vs 29 cts Oper net 4926000 vs 5231000 Revs 18.5 mln vs 17.8 ln Nine mths Oper shr 78 cts vs 84 cts Oper net 14.1 mln vs 15.3 mln Revs 55.0 mln vs 53.6 mln NOTE: Net excludes capital gains of 751000 dlrs vs 664000 dlrs in quarter and 5881000 dlrs vs 3409000 dlrs in nine mths. Reuter | FIRST UNION REAL ESTATE INVESTMENTS <FUR> NET |
A top Iranian military official said Americas attack on an Iranian oil platform on Monday had involved the United States in full-scale war and Iran would avenge it with a crushing blow. The United States has entered a swamp from which it can in no way get out safely the Iranian news agency IRNA quoted the head of Irans war information headquarters as saying. The official Kamal Kharrazi said Washington had now become involved in what he called a full-fledged war with Iran. It was the first official Iranian reaction to the attack by four U.S. Navy destroyers on the Reshadat oil platform. Reuter | IRAN SAYS US ATTACK INVOLVES IT IN FULL-SCALE WAR |
Tandon Computer Corp said it has introduced a personal computer than combines high capacity disk storage and a new way to transfer large amounts of data. The company said its 386 personal computer features an Intel Corp <INTC.0> 80386 processor running at 20 megahertz. The computer also features a receptacle that accommodates Tandons Personal Data Pac removable Winchester disk drive providing a link to Tandons PAC 286 and other systems running with its Ad-Pac subsystem. The computer will be available in January 1988. Reuter | TANDON COMPUTER <TCOR.O> SETS NEW COMPUTER |
Shr 66 cts vs 48 cts Net 8413000 vs 6112000 Sales 267.9 mln vs 230.6 mln Nine mths Shr 2.20 dlrs vs 2.05 dlrs Net 28.1 mln 26.4 mln Sales 806.7 mln vs 720.7 mln NOTE: 1986 3rd qtr results include extraordinary loss on extinguishment of debt of 1482000 dlrs or 12 cts a shr. Reuter | FEDERAL-MOGUL CORP <FMO> 3RD QTR NET |
Shr 33 cts vs 13 cts Net 2272000 vs 880000 Revs 6399000 vs 5912000 Chainwide sales 142.0 mln vs 126.7 mln Nine mths Shr 1.07 dlrs vs 44 cts Net 7369000 vs 2868000 Revs 19.1 mln vs 16.1 mln Chainwide sales 402.9 mln vs 357.1 mln Avg shrs 6918000 vs 6569000 Reuter | USACAFES LP <USF> 3RD QTR NET |
Granges Exploration LTD a mining company said it filed with the Securities and Exchange Commission for a proposed publioffering of 2500000 shares of its common. PaineWebber Inc and Drexel Burnham Lambert Inc will be co-managers of the underwriting group. Granges said it intends to use proceeds for general corporate purposes. Reuter | GRANGES <GXL> FILES FOR STOCK OFFERING |
Shr 17 cts vs four cts Qtly div eight cts vs eight cts Net 739000 vs 157000 Revs 21.1 mln vs 14.5 mln NOTE: 1986 1st qtr adjusted for five pct stock dividend pain in March 1987. Qtly dividend payable December seven to shareholders or record November nine. Reuter | ACME ELECTRIC CORP <ACE> 1ST QTR OCT TWO |
Sept 30 end Shr loss 38 cts vs loss three cts Net loss 3300000 vs loss 205000 Revs 63.4 mln vs 72.1 mln Avg shrs 8966000 vs 9741000 NOTE: 1986 first quarter results include 398000 gain from repurchase of debentures that had been discounted below market value. Reuter | NBI INC <NBI> 1ST QTR LOSS |